Earnings Per Share ("EPS")

9 Months Ended

Sep. 30, 2022

EARNINGS PER SHARE (“EPS”)

Basic EPS is computed by dividing reported net income available to common stockholders by weighted average number of common shares outstanding during each period. Diluted EPS is computed by dividing reported net income available to common stockholders by the weighted average common shares and all potential dilutive common shares outstanding during the period.

The computation of earnings per share is as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
(In thousands, except per share data)	2022		2021		2022		2021
Net income available to common stockholders	$	80,603	$	80,561	$	173,152	$	222,879

Average common shares outstanding	127,884		107,822		122,935		108,130
Average potential dilutive common shares	452		538		452		538
Average diluted common shares	128,336		108,360		123,387		108,668

Basic earnings per share	$	0.63	$	0.75	$	1.41	$	2.06
Diluted earnings per share	$	0.63	$	0.74	$	1.40	$	2.05

There were 99,837 stock options excluded from the three months ended September 30, 2022 earnings per share calculation due to the related stock option exercise price exceeding the average market price of the Company’s stock during the period. There were no stock options excluded from the earnings per share calculation for the nine months ended September 30, 2022 due to the related exercise price exceeding the average market price. There were no stock options excluded from the earnings per share calculation for the three and nine months ended September 30, 2021 due to the related stock option exercise price exceeding the average market price.